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3M Invests in 7AC Technologies Inc.

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Friday, July 20, 2012 8:00 am CDT

Dateline:

ST. PAUL, Minn. & BOSTON

Public Company Information:

NYSE:
MMM
"This investment by 3M New Ventures is a highly significant vote of confidence in our plastic plate liquid desiccant technology"

ST. PAUL, Minn. & BOSTON--(BUSINESS WIRE)--3M, through its New Ventures Business, has invested in 7AC Technologies Inc., a Woburn, Mass.-based developer of high efficiency heating, ventilation and air conditioning (HVAC) systems that use liquid desiccant technology to remove humidity from the air. The terms of the transaction were not disclosed.

“This investment by 3M New Ventures is a highly significant vote of confidence in our plastic plate liquid desiccant technology,” said Peter Vandermeulen, CEO and founder, 7AC Technologies. “Being able to leverage the material and manufacturing expertise of a global leader like 3M is an exciting strategic milestone for us. We already use a significant amount of 3M products in our designs. As we move into the commercialization and volume ramp phase of our development the addition of 3M to our growing list of partners will serve to strengthen our ability to bring liquid desiccant solutions to mainstream HVAC applications.”

Stefan Gabriel, president, 3M New Ventures, said: “7AC’s paradigm changing approach to ultra-efficient air conditioning is well positioned to succeed in the fast-growing green building technologies space. In addition, our investment offers 3M a pathway to an exciting new strategic direction that is poised to create substantial growth opportunities for both companies.”

Thomas Hamlin, technical director, 3M Purification Inc., added: “Conventional HVAC solutions are based on technology that is both energy intensive and offers limited prospects for energy efficiency improvements. 7AC’s technology incorporates a novel membrane-isolated plate design with integrated cooling. This solution provides the game changing development step necessary to move the HVAC industry to a new level of performance in terms of energy efficiency based on liquid desiccant dehumidification technology. We look forward to working with 7AC and applying 3M’s core competencies in support of taking the 7AC products to market.”

About 7AC Technologies
7AC Technologies develops ultra high efficiency air conditioning systems that use up to 75 percent less electricity compared to conventional HVAC technologies. Our liquid desiccant and plastic membrane plate based air conditioning system licenses key technology from NREL/DoE and is designed to be a drop in replacement for existing rooftop HVAC systems on commercial and industrial buildings. For more information on 7AC, visit www.7actech.com.

About 3M New Ventures
3M New Ventures, headquartered in Munich, Germany, identifies and invests in highly innovative companies and disruptive new technologies with strategic relevance for 3M.

About 3M
3M captures the spark of new ideas and transforms them into thousands of ingenious products. Our culture of creative collaboration inspires a never-ending stream of powerful technologies that make life better. 3M is the innovation company that never stops inventing. With $30 billion in sales, 3M employs about 84,000 people worldwide and has operations in more than 65 countries.

Contact:

3M Media Contact:
Donna Fleming Runyon, 651-736-7646
or
7AC Media Contact:
Colin Peterson, 508-333-0729
colinp@7actech.com
or
3M Investor Contacts:
Matt Ginter, 651-733-8206
or
Bruce Jermeland, 651-733-1807